William Blair & Company, Chicago, said it acted as exclusive financial advisor toWenner Bread Products, Inc.in a recapitalization deal involving members of the bakery's founding family andFrontenac Company, another Chicago private equity investment firm. Financial terms were not disclosed.

Wenner, Bayport, N.Y., supplies frozen dough, frozen par-baked and frozen fully baked breads and rolls nationwide to retail bakeries, food retailers' in-store bakeries and foodservice operators. Frontenac is a private investment firm founded in 1971 and is currently investing from its ninth equity fund, officials said. Frontenac has completed more than 200 family-business transactions during the past 40 years.

William Blair was engaged by Wenner to identify a partner to help recapitalize the company. In connection with the engagement, William Blair said it prepared a confidential investment memorandum, created a management presentation, marketed the company, coordinated the due diligence process and helped negotiate key terms of the definitive transaction agreement.